Use the following information for the Exercises below Algo The following information applies to the questions displayed below On

Question

Use the following information for the Exercises below Algo The following information applies to the questions displayed below On December 1 Jasmin Ernst organized Ernst Consulting On December 3 the owner contributed 85 460 in assets i exchange for its common stock to launch the business On December 31 the company s records show the following it and amounts Cash Accounts receivable Office supplies Office equipment Land Accounts payable Common stock 6 650 Cash dividends Consulting revenue Rent expense 18 650 4 640 19 560 Salaries expense 46 000 Telephone expense 9 890 Miscellaneous expenses 85 460 Exercise 1 18 Algo Preparing an income statement LO P2 Using the above information prepare a December income statement for the business ERNST CONSULTING Income Statement 3 490 18 650 4 920 8 500 890 700

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